Market Trading Guide: Kotak Bank, JSW Steel among 7 stock recommendations for Friday

On a daily chart, after a long bullish rally, MRF formed a Bullish Flag Pattern with a spurt in volume indicating a continued bullish trend. The stock trades above all its important moving averages. The Technical indicator Ichimoku Cloud suggests that the price is trading above the cloud, showing a positive trend in the counter. The RSI 14 is also trading above the 62 level.

(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)

On a daily chart, after a consolidation move, SUN TV has given a breakout of a 28-day close, indicating a bullish signal. The overall structure of the counter is very bullish, as it trades above all its important moving averages. The Technical indicator Ichimoku Cloud suggests that the price is trading above the cloud, showing a positive trend in the counter. The RSI 14 is also trading above the 65 level.

(Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio)

The stock after a decent correction has made a higher bottom formation with consolidation witnessed maintaining a strong resistance at around Rs 1,800 levels. There is improvement in the bias and sentiment with the price moving above the significant 200 period MA of Rs 1,840 zone and there is immense upside potential from here on. The RSI indicator has flattened out after the slide and has shown gradual rise to strengthen the overall trend.

(Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher)

The stock, after a decent correction, has indicated a double-bottom formation pattern on the daily chart with strong support maintained near Rs 270 zone. There is improvement in the bias with a positive bullish candle. The RSI indicator is well placed and has recovered strongly from the oversold zone with immense upside potential movement visible from here on.

(Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher)

​The stock after a short consolidation phase has indicated a positive candle with improvement in the bias forming a higher bottom formation pattern on the daily chart and has further scope for upward movement in the coming days. The RSI indicator once again has indicated a trend reversal with strength indicated with much upside potential visible from here on to justify our positive bias.

​(Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher)

After a sharp uptrend rally currently, the stock is witnessing range-bound activity at higher levels. However, the short-term trend is still on the positive side. Technically, on daily charts, the stock is holding higher bottom series formation and comfortably trading above 20 day SMA which is broadly positive. For the trend following traders now, Rs 780-777 would be the sacrosanct support levels. Above which, the stock could move up till Rs 810-820. On the other side, below Rs 777 uptrend would be vulnerable. Below the same, we could see a quick correction till Rs 765 -760.

(Amol Athawale, Vice President - Technical Research, Kotak Securities)

After a short-term correction, the stock is consolidating near 20 and 50 day SMA (Simple Moving Average). The short-term texture of the stock is non-directional; perhaps traders are waiting for either side to breakout. For the bulls, Rs 540 would be the important breakout level to watch. And if the stock manages to close above the same, we can expect a quick uptrend rally towards Rs 555-560. On the flip side, trading below Rs 520 or 50 and 20 day SMA, may increase further weakness up to Rs 510-500.

(Amol Athawale, Vice President - Technical Research, Kotak Securities)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)